PCCP has originated a $41 million senior loan to refinance Tenney North Park, a recently delivered multifamily community with ground-floor retail in the North Park submarket of San Diego. The new financing replaces an existing construction loan and was provided on behalf of Foulger-Pratt, which is identified as both the owner and developer of the property. The transaction centers on a single mid-rise, mixed-use asset that has been brought to market within the past year.
Tenney North Park, completed in 2025, is an eight-story building located at 2260 El Cajon Blvd. The project contains 125 residential units positioned above street-level retail space, combining multifamily housing with neighborhood-serving commercial uses. According to the property outline, the residential component offers a mix of studio, one-bedroom and two-bedroom layouts, with average unit sizes of 727 square feet. The building includes 115 market-rate apartments and 10 affordable units as part of the overall unit count.
On the retail side, Tenney North Park incorporates 3,116 square feet of ground-floor space, designed to activate the streetscape along El Cajon Blvd. The property also provides three levels of parking with a total of 146 spaces, supporting both residents and retail uses. The combination of structured parking, residential density and neighborhood retail reflects a mixed-use configuration that is increasingly common in infill multifamily developments.
The asset is positioned within San Diego’s North Park neighborhood, which offers direct access to the area’s established dining and entertainment options. The property is described as being in close proximity to the 30th Street corridor, a concentration of restaurants and nightlife within North Park. Its location is also highlighted for connectivity to several of San Diego’s primary employment and lifestyle destinations.
From Tenney North Park, Downtown San Diego is noted as being approximately 10 minutes away, providing access to major office, civic and cultural hubs. The Hillcrest healthcare cluster, a key medical and life sciences employment concentration, is reported to be less than 10 minutes from the property. In addition, UTC/La Jolla, another major regional employment and lifestyle node, is described as being approximately 20 minutes away. These relative travel times underscore the property’s role as an infill multifamily option serving residents who commute to multiple parts of the broader San Diego urban area.
The refinancing by PCCP, secured by a newly built, 125-unit property with both market-rate and affordable components, illustrates ongoing capital deployment into stabilized or recently completed multifamily assets in established urban neighborhoods. With Foulger-Pratt retaining ownership and development credits on the asset, the new senior loan effectively transitions the capital stack from construction financing to longer-term senior debt on a completed project.
